On 28 June 2023, the UK Law Commission (the “Commission“) issued a Final Report on Digital Assets (the “Report“), providing high level recommendations on how digital assets should be categorised and regulated after receiving public input from a consultation held in 2022.
The Commission stated that while the common law framework covers the uprising of digital assets, certain areas require policy guidance due to legal uncertainties. It stressed the significance of legal reforms mainly reinforcing existing common law, and intervening only where common law falls short in ensuring legal certainties on specific matters. We’ve crafted a concise overview of the Report below, including key recommendations and conclusions, as well as next steps for firms who are interested in operating in crypto-related services.
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